So anyone who has been laid off what happens to your Pension or the part of the salary they saved for you for your pension? Do you guys get that pay out? Anyone know? Was looking and it seems you need to retire to get to it. Thoughts?
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What happens to the monthly pension payment or percentage of payment to someone that has been laid off?
So I looked at my cash option when this first posted and now and it was almost cut in half? Anyone else see a drop?
You cannot touch/cash out your pension or your 401K while employed. If you leave the job for any reason, the funds are yours and have to move it to a retirement account or pay a heavy early withdrawal penalty.
Great feedback - thank you
The pension program is a little confusing. How long must you be employed at USB to be eligible for the pension?
"...don't need to retire..."
Just to clarify, if you are still employed, you can nab that money and put into IRA? What would be cost basis?
That pension cash doesn't have much of a gain. Much better to get that $ into better investments.
For the cash pension, you can cash out or roller to outside IRA.. same thing with your 401k.. don’t need to retire. Hope this helps